The intuition behind the MSE metric to evaluate old forecasts is: to sum up the forecast errors. radio button unchecked1 of 5 to sum up the squared forecast errors. radio button unchecked2 of 5 to sum up the absolute values of the forecast errors. radio button unchecked3 of 5 to average the squared forecast errors. radio button unchecked4 of 5 to average the absolute values of the forecast errors. radio button checked5 of 5

Harris fabrics computes its predetermined overhead rate annually on the basis of direct labor-hours. at the beginning of the year, it estimated that 34,000 direct labor-hours would be required for the period’s estimated level of production. the company also estimated $599,000 of fixed manufacturing overhead expenses for the coming period and variable manufacturing overhead of $3.00 per direct labor-hour. harris's actual manufacturing overhead for the year was $768,234 and its actual total direct labor was 34,500 hours.required: compute the company's predetermined overhead rate for the year. (round your answer to 2 decimal places.)